Bank of Tanzania (BoT)
According to the review, the decline was mainly due to a decrease
in the value of cloves exports from USD59.1m to USD31.9m following a
decrease in the volume of cloves exports by 46 percent to 2,900 tonnes
from 5,300 tonnes recorded in March 2015
Export value of goods and services amounted to USD190.7m in the
year ending March 2015 compared with USD181.2m in the corresponding
period in 2014, on account of the increase in services receipt.
In the year ending March 2015, the review said the value of imports
of goods and services was USD270.2m compared with USD312.8m in 2014.
Goods imports stood at USD210m compared with USD241.5m in the year
ending March 2014, mainly driven by a decrease in import value of
capital and consumer goods.
It also said Zanzibar current account deficit narrowed to USD74.8m
during the year ending March 2015 from USD 79.8 m in March 2014, mainly
attributed to the decrease in imports of goods and services coupled with
an increase in receipts from tourism.
During the month under review, Government expenditure was 36.1bn/-,
out of which 28.6bn/- or 79.1 percent was recurrent expenditure and the
balance was development expenditure.
Recurrent expenditure was 3.5 percent below the estimates while development expenditure was 20.6 percent above the estimate.
The performance of the development expenditure was on account of
higher than estimated donor fund inflows. Out of total development
expenditure, foreign funding accounted for 64.1 percent and the balance
was government contribution.
Service account balance registered a surplus of USD 81.1m in the
year ending March 2015, compared with a surplus of USD31.7m in the
corresponding period in 2014.
This outturn was attributed to the increase in receipts from travel including business and tourism-related activities
During March 2015, total resources amounted to 34.2bn/-, out of
which 96.7 percent was domestic revenue and the balance was grants.
Meanwhile government expenditure was 36.1bn/-, out of which 79.1
percent was recurrent expenditure while the balance was for development
projects. As a result, Zanzibar government budgetary operations recorded
an overall deficit of 1.9bn/-.
Revenue collection during March 2015, amounted to 33.1bn/- or 5.1
percent below the target. Out of the revenue collection, tax revenue
amounted to 29.8bn/- and was 7.8 percent below target, owing to low
importation of taxable goods, notably vehicles.
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